The deal includes stations in Birmingham AL (2 AMs, 5 FMs), Greenville-Spartanburg SC (2 FMs), Honolulu HI (2 AMs, 4 FMs), Louisville KY (4 FMs), and Richmond VA (4 FMs).
The price will be $66.25M cash. Adding in the concurrent deal with Connoisseur for stations in Connecticut, in which Cox is making $40M, and the seller is enjoying a $106.25M payday in exchange for its sold radio properties.
Five individuals each own a 3.5% stake in SummitMedia. They are CEO Carl Parmer, COO David Dubose, Paul F. Bankston, William B. Tanner and Darryl Grondines.
HighPoint Summit LLC owns 82.25%. There are four principals in the company each with a 25% stake, including Jeffrey Austin Brooks, Russ Taylor, Patrick Sullivan and Jeffrey D. Brooks.